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Financial and monetary policy studies 19 i rizzo the hidden debtwith a foreword by at peacock 1990 isbn 0 7923 0610 4 20 de fair and c de boissieu eds financial institutions in europe under new competitive conditions. Monetary policy with floating exchange rates in this section we use the aa dd model to assess the effects of monetary policy in a floating exchange rate system recall from chapter 40 that the money supply is effectively controlled by a countrys central bank in the case of the us this is the federal reserve board or fed for short. In a floating exchange rate regime an expansionary monetary policy is effective by stimulating spending and by depreciating the currency in a floating exchange rate regime an expansionary fiscal policy is effective by stimulating spending though there may be crowding out effects due to higher rates of interest and currency appreciation. Experience of and lessons from exchange rate regimes in emerging economies jeffrey a frankel nber working paper no 10032 october 2003 jel no f3 abstract the paper reviews recent trends in thinking on exchange rate regimes it begins by classifying countries into regimes noting the distinction between de facto and de jure regimes but also . Monetary policy during the transition to a floating exchange rate brazils recent experience the financial crisis that erupted in asia in 1997 quickly spread to other developing regions as international investors panicked and pulled their capital out in this article the governor of brazils central bank outlines the steps brazil took to